News Monero’s Latest Scheduled Hard Fork Has Successfully Activated Bulletproofs...

Monero’s Latest Scheduled Hard Fork Has Successfully Activated Bulletproofs For Optimized Privacy

-

- Advertisment -

Bulletproofs are a kind of zero-knowledge proofs that allow confidential, lean transactions.

Cryptographic proofs are used to ensure the validity of these transactions.

The technology was highlighted in a whitepaper from back in 2017 written by Stanford University, University College London, and Blockstream.

During Monero’s latest update, its recent hard fork, developers managed to successfully activate the Bulletproofs to make possible efficient and confidential transactions which obscure the amounts that are being transferred.

The Bulletproofs are now activated on Monero’s mainnet

New transactions are about 80% smaller than before, and this will soon result in lower XRP transaction fees as well.

With this latest activation, the developers moved on from the former technology which involved larger and more inefficient Borromean range proofs that Monero used to rely on.

Monero celebrated the successful project on their Twitter account.

Monero offered guidance on the update

Before the update, preliminary data regarding what was set to happen was detailed on Reddit, and the posts provided advice on the matter.

Monero’s developers explained that what eventually determined the activation of the hard fork was that they reached a specific block height of 1,685,555.

“Note that technically there will be two hard forks. That provides a grace period on the network where transactions in the group of transactions that still use the old Borromeo range test can be included in a block by miners. Fortunately, the execution of v0.13.0.0 guarantees that one is sufficiently prepared for the two hard bifurcations,” Monero team said.

Monero’s Latest Scheduled Hard Fork Has Successfully Activated Bulletproofs For Optimized Privacy

Enhanced privacy for users

This update basically brought improved privacy for users as the Bulletproofs protocol highly contributes to hiding the exit addresses and it converts XMR transactions into completely anonymous end-to-end transactions.

XMR’s price still has to mirror this latest update with its improvements. At the moment, Monero is priced at $104.19, and the coin is trading in the green.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

GoCrypto presents truly contactless payments with a simple solution for merchants and buyers

7 April 2020 — The recent events have rapidly changed the way we live, including our shopping...

Bitcoin SV has found a new niche in the gaming industry

Gaming companies and online casinos are increasingly paying attention to cryptocurrencies as a possible payment tool. Several...

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...
- Advertisement -Monero’s Latest Scheduled Hard Fork Has Successfully Activated Bulletproofs For Optimized Privacy

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you